Chinese automaker BYD is planning to launch a new independent luxury brand of electric vehicles with a target price range of between RMB 1 million and RMB 1.5 million ($150,000 to $220,000), financial media outlet Yicai reported on Thursday. The first model under the marque, a sports utility vehicle, is due to be launched by the end of this year and will go on sale in the first quarter of 2023, the report said. The major Chinese EV maker also currently co-leads a luxury sub-brand called Denza with Germany’s Daimler which sold fewer than 5,000 vehicles last year. [Yicai, in Chinese]